The Wall Street Journal
October 30, 2019
Fiat Chrysler Automobiles and Peugeot maker PSA Group of France have agreed on the terms of a merger that, if approved by both boards, would create the world’s fourth-largest auto maker by volume with a market value of more than $48.4 billion, according to people familiar with the situation.
Peugeot’s board approved the deal on Wednesday. Fiat Chrysler’s board meeting was still in progress while the board of Exor, the Agnelli family holding company that controls the Italian-American car maker, was scheduled to meet later on Wednesday night.
Fiat Chrysler Chairman John Elkann would become chairman of the newly merged company while Peugeot Chief Executive Carlos Tavares would be CEO. Both would have seats on the board of the new company, which would comprise six Peugeot appointees, including Mr. Tavares, and five from Fiat Chrysler.
The U.S. and French governments have been briefed on the deal.